Everads Therapy has granted a pharmaceutical company a time-limited exclusivity for utilizing Everads’ suprachoroidal delivery technology for the development of specific ocular targets. In exchange for exclusivity of these specific ocular targets, Everads will receive a milestone payment. Everads has retained the right to continue using and/or licensing its technologies to other parties for the development of other therapies towards targets not reserved under this collaboration.
The name of the pharmaceutical company and financial terms of the deal were not disclosed.
Everads was established within the RAD BioMed accelerator to develop and commercialize a novel concept and method for the delivery of therapies to the suprachoroidal space. The technology was originally conceived by Dr. Ygal Rotenstreich, Head of the Electrophysiology Clinic and Director of the Retinal Research Laboratory at the Goldschleger Eye Institute, and licensed by Everads from the Sheba Medical Center at Tel Hashomer. The technology was further developed and optimized with the help of the DALI Medical Devices design team.
“The fact that this major pharmaceutical company has paid to secure exclusivity further demonstrates the groundbreaking potential of our suprachoroidal drug delivery technology,” Moshe Weinstein, Everads Therapy’s Executive Chairman, said in a company news release. “We look forward to continued progress as we move through the pre-set R&D plan, which we are optimistic will lead the company to exercise its option for a commercial license.”